Economic experts: The year 2023 will be one with multiple crises
The year 2023 will be one with multiple crises, according to economic experts at Deutsche Bank. Representatives of Germany's largest private bank say people are getting poorer and businesses are going bankrupt because of the global energy crisis.
The beginning of 2023 will not be any easier than 2022, say Deutsche Bank economists. According to them, many businesses worldwide will be in decline and social spending will shrink.
According to the BBC, European countries will face economic problems due to the energy war launched by Russian President Vladimir Putin in Europe.
2023 will become the third anti-rating year of the 21st century, after 2020 when the pandemic started and 2009 when the global financial crisis happened.
Economic growth in the United States of America and European countries is slowing sharply, and three-quarters of economic growth in 2023 globally will be provided by the developing economies of Asia.
This year the world could lose 2 points of $8 trillion because of the war in Ukraine.
Even if the recession does happen, it will be short-lived, economists at Oxford Economics believe.
World crisis in 2023 could also be generated due to inflation. The war in the neighbouring country caused energy and food prices to rise in European countries. But even before that, prices in the West have been rising at a record pace for the past 40 years.
To combat the inflation that has plagued all European countries, central banks have raised interest rates at a record pace over the past two decades.
The good news is that inflation should now decline rapidly. And the bad news is that many countries will have to go through a recession for this," think economists from the British research centre CEBR.
